As information and its storage gets bigger in structure with passage of time, it is important to maintain it somewhere. Knowledge is vast in any sector, any industry and is easy to access only when managed properly. One way to maintain knowledge for any industry is to use knowledge management systems.

Knowledge management systems have been developed in such a way it helps in managing and storing the documentation in a systematic manner.Knowledge management is considered one of the sophisticated disciplines that should be central to a company, as it interconnects  the organization. 

What is Knowledge Management?

Knowledge Management is a process where value is derived from knowledge by reframing, structuring, and storing data held within the organization. Knowledge Management system helps the present employees to become more efficient in their respective jobs. 

It has a multidisciplinary approach which is mostly used in aiming to achieve objectives through the best potential use of knowledge. The primary aim of Knowledge Management   is to enhance the performance and to make a strategic approach towards the goals

Why Is Knowledge Management Important?

Knowledge management is  important to store information organizations utilize  across departments of the organization. Knowledge Management as a function deals with both explicit and tacit knowledge.

Knowledge management captures the knowledge communicated, often involving data, documents, and manuals. The knowledge management system aims at preventing the knowledge from being lost or forgotten and focuses on embedding knowledge into the company culture to encourage transparency and collaboration.

Following are how to consider knowledge management system  and  areas where it can help your organisation :

Managing the goals: Knowledge base software goals might involve the reduction of support costs, the increase in NPS scores, the deflection of contact for contact centers, or improvement of internal communication. Whatever the goals are, it is important to set them with the appropriate people who are involved in monitoring them, make them SMART, and adjust through time if necessary.

Knowledge management is considered a valuable investment, so its important goals are set initially and you have the tools in place to measure the results frequently throughout the knowledge management process. This prevents a lack of control over the discipline and therefore helps you get the most out of it and quicker.

Choosing  Knowledge Management Software: Knowledge management software is an essential element of knowledge management as opposed to a best practice. Without knowledge management software, the discipline could not function. We know that knowledge management is key for businesses that wish to improve control, efficiency, and customer satisfaction and that this is achieved by utilizing knowledge management software.

But, what is the best way to get employees to embrace knowledge management software? Choose a tool that is easy to use. This is reinforced by Gartner, who suggests you can “empower employees by providing easy-to-use powerful technologies” that positively impact employee engagement and subsequently, customer experience.

Knowledge as an asset: Knowledge has a measurable monetary value. In companies where knowledge accumulates only in employees’ heads and across disconnected systems, they face increased operational and opportunity costs by not leveraging the value of shared knowledge.

Therefore, it’s important to communicate the idea that knowledge is more than an entity in one’s head, but to a business, in particular, a valuable asset. Once employees associate knowledge with other assets, like people, cash, brand, and customers, they begin to understand its importance. Similar to how these assets have their own processes, teams, and specialist software, so does knowledge.

Employers need to be considered: Many knowledge management goals are surrounded with knowledge management to better serve employees. When executed well, it is considered a valuable tool that makes employee’s jobs easier, getting more done with fewer obstacles in the way it can even help them reach targets more efficiently.

Find out what you’re struggling with. Are silos of  knowledge or information hubs becoming a problem for them? Are mundane routine questions preventing them from resolving complex queries? Or are customer satisfaction scores below target?

Your employees are one of your main users when it comes to knowledge management, so consider their needs and make decisions based on this. For example, if siloed knowledge or information ‘hubs’ are a pain point, assign an executive who knows how to tackle such a problem.

What are the 6 Knowledge Management Best Practices?

1.Strategizing the process:  Before taking any further action, it's important to plan the process with proper strategies and take the necessary steps to convert the process into actions. Strategizing is crucial in planning. Strategizing the plan so that the program runs without any discrepancies. Also, one should ensure that it remains employee-centric.

2. Conducting training sessions: Training sessions are beneficial in the knowledge management system as it keeps productivity and efficiency increasing. The starting session for employees will be conducted through :

One-on-one coaching sessions

Company workshops

Online sessions (where live and interactive questions & answers sessions help avoid confusion.)

3. Developing learning environments: Developing a learning environment is a never-ending process And to keep up with the evolving world, it has become imperative that you keep yourself updated and develop new skills. The same applies to your organization and its employees. They are always in constant need to update themselves to bring the best out of them.

One of the best practices of knowledge management is to engage your employees in learning while working without too much stress or time-taking burden. These can be short from trivia that can be given through the knowledge management system.

4.Online forums and intranet: Every organization has its social platform. Here discussions happen often and sharing of relevant information occurs. This helps the employees to stay connected with each other. And learn about new developments.

As a manager, you can add a section allowing access to vital information. This will help your employees to gain more knowledge about the necessary changes. This fosters transparency and allows employees to see the bigger picture.

5.Reduce software subscription:  Knowledge Management is one of the  trend making waves for the coming year as companies eliminate duplicate software they don’t need. The need to save more money in challenging times is always on the radar. Eliminating wasteful spending on software that doesn’t really add anything to knowledge management should become a key goal.

Knowledge management tools help reduce the flow of apps that are perhaps taking too much work and money to maintain.The knowledge management system also  makes it easy to share knowledge and automate workflows by integrating with your most important day-to-day tools.

6. Guiding and documentation: One  of the effective ways to transfer knowledge is through text-based knowledge management. It can include guides, case studies, and documentation. It enables-

Storage of any information in any mode

Easy navigating and finding information 

Online sharing 

More integrated communication: Being able to communicate ideas among employees is essential when collaboration occurs on critical projects. A knowledge base is the only way to really enhance collaboration, but it requires integrating as many apps as possible.

Finding a platform that can integrate every business app available today adds to this improved web of communication. Knowledge management systems which have advanced software abilities can connect or integrate with CRM apps as well.

The use of tacit knowledge: Another popular Knowledge Management trend is tacit knowledge or sharing the knowledge of experts within your company. Those employees with industry knowledge you valued so much might have moved on to another job recently. Rather than all that knowledge of theirs going with them, the new trend is to capture that knowledge before they leave.

Even if you still have some of those employees working for you, getting their knowledge into some kind of useful platform is invaluable for new hires. The trend is to use a platform to store this knowledge and then supply it to employees through a simple answer format.

Advanced use of artificial intelligence: Undoubtedly, you have heard a lot about AI in the workplace. While you may think AI still has limitations, it has continued to evolve exponentially in just the last few years.

Some knowledge management tools have advanced AI. This includes the use of machine learning to create tools like AI-powered chatbots to pass on information when needed. Advanced AI and machine learning. The more a chatbot absorbs information from those asking questions, the smarter it becomes in providing information later.

Conclusion: 

The crucial moment is when to apply an application of knowledge management is applied. The major goal of every organization is to become more effective and more productive. The process can become extensive with time as it needs to be updated with the latest developments. But, once you get the gist of it, it will become beneficial for your organization in the long run.